The Secretary for Financial Services and the Treasury, Christopher Hui, on Saturday brushed aside comparisons of upcoming fintech events being held by Hong Kong and Singapore, saying the SAR is not scared of competition.

This year's Hong Kong FinTech Week, during which authorities are expected to unveil a policy statement on virtual assets, will take place both in person and online from October 31 to November 4.

On an RTHK programme, the financial services minister said he expected some 20,000 participants to attend the forthcoming event.

Asked about whether in-person attendees would be exempted from certain Covid measures, Hui said the scrapping of hotel quarantine, known as the "zero plus three" policy, had already provided convenience for overseas arrivals.

On Singapore holding its own fintech festival in early November, the minister said Hong Kong is positioned differently from the city-state, because the SAR can both leverage support from the mainland and connect with the rest of the world.

"We are not afraid of competition, we are just afraid of not living up to our expectations," Hui said.

"Since our positioning is different, I am not worried of so-called competition, because competition will only alert and remind us to do better and be more hardworking. I think Singapore is more positioned towards Asia and other regions."

He also said that in light of rising geopolitical tensions around the world, Hong Kong can serve as a market for diversification and decentralisation, adding that the territory's free capital flows remain a significant attraction.